Housing regulator for Maharashtra by year-end

The quasi judicial body will safe guard home buyers interest

geetanjali

Geetanjali Minhas | November 23, 2015


#Housing regulator   #Maharashtra   #home buyers   #Mumbai  

Maharashtra will soon have a housing regulatory authority. Chief Minister Devendra Fadnavis has said that the housing regulator would be established within a month. The housing regulator will be a quasi-judicial body with powers to safeguard the interests of home buyers and resolve disputes relating to the housing sector.

The Maharashtra Housing (Regulation & Development) Act, 2012, was passed two years ago and the Presidential assent came in 2014. However, the state could not set up the Authority as the Centre's real estate Bill is still pending in the Rajya Sabha.

But keeping in view Mumbai’s housing needs which are different from the rest of the country, the state government convinced the centre on the establishment of a state authority. “The government also successfully argued that the state's provisions were better than the proposed central law. The Centre has accepted the state's submission and given its nod for the establishment of the Authority” a government official said.

Under the authority, it will be mandatory for developers to disclose the property title, layout and completion plans to buyers. The project details will have to be registered with the authority and will be displayed on its website. The promoters will have to apply to the regulator for the registration of every project to be constructed on a separate plot.

The authority provides for disqualification and cancellation of registrations of projects. Before cancellation of registration, the regulator will issue notice to the promoter, who should respond within seven days. This apart the authority can impose a fine of up to Rs one crore and prison terms up to three years.

Buyers of a stalled project can form a legal entity and assume control of the construction process.

Comments

 

Other News

Yogi in politics, TN industries shift base and, how to end the Maharaja’s misery

Everyone in Yogi Adityanath`s office declares that Yogi’s political career is founded on the work carried out from there, first when he was mahant of the influential temple, and then as an MP. Vijendra Singh, who works at the office, says “It’s because of these letters that Yogiji has n

A fifth of Rs 29 lakh crore are NPAs

Banks have advanced a staggering Rs 29,46,060 crore to the industrial sector, of which Rs 6.93 lakh crore are non-performing assets (NPAs).   Finance minister Arun Jaitley informed

Demonetisation not meant to change cash use by people: Harvard economist

 Here are 10 things that Kenneth Rogoff, Thomas D Cabot professor of public policy, department of economics, Harvard University, and author of `The Curse of Cash`, said about demonetisation at the Delhi Economics Conclave 2017: 1. The core idea for demone

Ashok Malik is press secy to president

As Ram Nath Kovind readies to take charge as president, the government is forming his team, naming three officials.    Ashok Malik, former journalist and commentator known for his pro-right views, will serve as the press secretary to the president. Bharat Lal, Gujarat&rs

To understand Modi saga, look at the Vaghela story

Back in the early 1990s, Shankarsinh Vaghela was (or at least perceived to be) more popular of the two people running the BJP show in Gujarat. Today, the other man is the prime minister, and Vaghela is reduced to a footnote – albeit an important one – in the Narendra Modi saga. &n

‘Not just Muslims, everyone is in fear and awe of Yogi Adityanath’

At 70, Dr Aziz Ahmad, a well-known homeopath and politician now with Congress, still has a busy practice in Abu Bazaar, in old Gorakhpur. During working hours, the lane in which he has a clinic becomes jam-packed with patients and their vehicles. People speak of naming the lane after him.





Video

कश्मीर पर तीसरे पक्ष की मध्यस्थता स्वीकार नहीं - महबूबा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter